Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views or opinons of Penny Logic or any members of the Penny Logic Staff. No members of Penny Logic currently own shares of GBGM, though the author may. Always do your own due diligence.
I would like you guys to keep Global Gaming Network GBGM under heavy watch this week for a major bounce play. They describe themselves as “a developer of digital entertainment and sports information for online and mobile platforms”. They specifically have a strong presence and are a leading in “fantasy” sports online. The company has several revenue streams and activly releases press releases on many different exciting developments the company pursues please check out
http://www.globalgamingnetwork.net/latest-news/
and read their latest press releases.
GBGM Share Structure
| Market Value1 | $883,663 | a/o May 02, 2014 |
| Shares Outstanding | 736,386,012 | a/o Dec 31, 2013 |
| Float | 251,500,469 | a/o Dec 31, 2013 |
| Authorized Shares | 4,880,000,000 | a/o Jan 09, 2014 |
| Par Value | 0.0001 |
This is a stock that earlier this year traded steadily well over a penny. It has recently had a parabolic dip. When real companies like this fall so low the question is not if they will bounce the question is when. As you can see on the chart GBGM seemed to create a bottom around the .002 area indeed many great penny stock players such as @Ilikebbstock and @radiosilentplay were calling the bottom. The stock bounce around the .0018-.0023 area but eventually that support fell. On Friday we finally saw strong bid support there was 11 million on the bid at .0011, and the end of day buying saw strong buying on the ask @ .0012 .
Selling has also dried up the last few days. The RSI indicates this stock is way oversold and the accumulation is on a uptrend. All this action leads me to strongly believe we have reached a bottom right above the psychological terror involved with this stock hitting the trips. It may take a few days to solidify the bottom, and we may test .0015 one or two times before breaking it but I feel strongly it will happen. Buying in the .0012-.0013 level involves a very low risk in my opinion as long as the huge bids on .0011 are there, offering liquidity and a easy way to get out if you get bored, impatient or if you see more selling and less buying then you like. So if you play this smart and buy down here the worst case scenario is you get out for a one or two tick loss. But the upside..well as you see a ten bagger from here is not unrealistic, especially if the company keeps on providing PR’s on a regular basis like they have been, if we get some momo and PR we can really take off. I think this play is very similar to REDG. This stock also was trading well over a penny in the beginning of the year, both stocks are in the entertainment sector and. REDG proceeded to go down very similar to GBGM:
It tried to hold the .0018 level it fell and once it hit .001 KABOOM it hit .013 two days later.So please watch closely for the reversal to start sometime this week.
Please follow me on twitter @pennycheck and check my blog for updates at thehonestpenny.blogspot.com
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